FTC Clears Harrah's Buyout Of Horsehoe

By Associated Press&nbsp|&nbsp

Posted: Tue 4:01 PM, Jun 08, 2004&nbsp|&nbsp

Updated: Tue 4:01 PM, Jun 08, 2004

The Federal Trade Commission has voted to close its investigation into the pending acquisition of Horseshoe Gaming Holding Corp. by Harrah's Entertainment Inc., clearing the way for final regulatory approval of the $1.45 billion deal.

FTC officials said Tuesday the investigation was completed and the transaction has been cleared without any conditions imposed on the buyout.

The transaction already has been approved by regulators in Indiana and Mississippi and was scheduled to be considered by the Louisiana Gaming Control Board on June 14.

If it receives approval in Louisiana, Harrah's expects to close on the transaction on July 1.

In conjunction with last year's announcement to acquire Horseshoe Gaming, Harrah's said it would sell the Shreveport casino to appease regulators concerned that the company would have too much market concentration in the region.

Shreveport is next to Bossier City, where Harrah's will have two casinos.

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